Tesla Gigafactory May Build 500,000 EV Batteries Annually

Elon Musk has released six pages of details on the Tesla Gigafactory which could have an annual capacity of 500,000 EV batteries a year. Besides pushing down battery prices and partnering with major suppliers. this factory lays bare Elon Musk’s ambitious growth expectations for Tesla,

Tesla is reportedly already in talks with the likes of current battery supplier Panasonic, as well as other potential partners, to help fund what could be as much as a $5 billion project. The facility, which could cover as much as 1,000 acres, could employ up to 6,500 people when it opens in either Nevada, New Mexico, or Texas, three proposed plant sites.

Obvious Tesla is looking for a desert location to take advantage of solar and wind power which could provide most of the energy needed by the Gigafactory. And it’ll need all the energy it can get, as the facility will entail the entire battery building process, from raw material to final product, and could produce as many as 500,000 EV batteries annually. That’s more than 10-times as many Teslas sold in 2013. Musk estimates this could push the price of battery packs down another 30%, bringing Tesla one step closer to a $35,000 Model E. No wonder Tesla stock prices are surging.

Construction could begin as early as this year, though the first batteries won’t roll off the Tesla Gigafactory assembly line until 2017 at the earliest.

Source: Tesla Motors